Can I get a mortgage if I have a loan

Our Mortgage Service

Special features of what we offer:

• Whole of market service - we work with leading UK lenders

• Access to leading market mortgage rates

• Access to exclusive loan deals not available on high street

• Fast turnaround - speak to us today if you need to move quickly

• We have lenders who will take into account previous defaults and missed payments 

• Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your mortgage options if you are looking to get a mortgage call our mortgage team or fill in our call back form.

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

Can I get a mortgage if I have a loan?

If you are currently paying off existing finance you may be worried if it will prevent you from getting a mortgage. In short, providing you meet the lenders affordability standards having other loans on your application should not prevent you from being able to secure a home or buy to let mortgage.

In 2014 the rules for lenders offering mortgages were changed, they now have to assess in detail if a mortgage really is affordable for the borrower. Historically the maximum amount you could borrow was based on a combination of your deposit and a multiple of your income and an assessment of your credit score.

Now lenders are required to look into your outgoings in more detail, they may ask for estimates on how much to spend on various living costs each month such as; food, transport, entertainment etc. In addition to this though they will also assess your existing credit commitments including; personal loans, homeowner loans, credit card payments and hire purchase agreements.

This means that if your existing monthly credit payments are particularly large it may reduce the size of a mortgage you will be able to secure, they are also required to consider if a borrower would be able to maintain their payments if interest rates were to rise in the future.

If you have a student loan from the ‘Student Loans Company’  the government backed firm for student loans, the amount you repay is included in your after tax salary so these will not be included in your outgoings portion of your mortgage application.

With a normal loan, while paying off as much of it as you can, and cancelling any unused credit cards could improve the amount of mortgages available to you and the potential amount you may be able to borrow having a loan should not prevent you from getting a loan providing you meet this affordability criteria and do not have severe issues with credit in your recent past you should not be prevent from getting home finance.

You may benefit however from speaking to a professional and independent mortgage adviser. Not only can a Financial Conduct Authority regulated mortgage adviser provide you with impartial advice about securing home finance, an independent broker can provide a whole of market service, this means they can use their expert knowledge to search across the market to find the best finance options for you from different providers.

There is also a selection of specialist lenders, not available on the high street with a range of mortgages which can only be accessed via the service of an intermediary. One of which might offer the best mortgage choice for your specific needs. 

If you think you might be able to benefit from the help of an adviser, you can fill in our online contact for to request a call back for a free initial consultation from a Fair Mortgages adviser, alternatively you can call us directly on: 0117 403 4474